Assetmark Inc. Acquires 41,473 Shares of The Bank of New York Mellon Corporation $BK

Assetmark Inc. grew its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 29.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 184,128 shares of the bank’s stock after acquiring an additional 41,473 shares during the quarter. Assetmark Inc.’s holdings in Bank of New York Mellon were worth $20,063,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Public Sector Pension Investment Board boosted its stake in Bank of New York Mellon by 3.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 152,055 shares of the bank’s stock worth $16,568,000 after purchasing an additional 4,808 shares in the last quarter. Atria Investments Inc grew its position in Bank of New York Mellon by 7.9% during the third quarter. Atria Investments Inc now owns 99,927 shares of the bank’s stock valued at $10,888,000 after buying an additional 7,312 shares during the period. Illinois Municipal Retirement Fund increased its stake in shares of Bank of New York Mellon by 23.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 364,870 shares of the bank’s stock valued at $39,756,000 after purchasing an additional 70,324 shares in the last quarter. Varma Mutual Pension Insurance Co raised its stake in shares of Bank of New York Mellon by 22.0% during the 3rd quarter. Varma Mutual Pension Insurance Co now owns 168,590 shares of the bank’s stock worth $18,370,000 after buying an additional 30,400 shares during the period. Finally, Savvy Advisors Inc. lifted its holdings in Bank of New York Mellon by 128.3% during the third quarter. Savvy Advisors Inc. now owns 5,328 shares of the bank’s stock valued at $581,000 after purchasing an additional 2,994 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of research reports. Royal Bank Of Canada upped their target price on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 14th. Keefe, Bruyette & Woods increased their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. New Street Research set a $143.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, January 14th. Finally, Weiss Ratings lowered Bank of New York Mellon from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Trading Up 2.4%

Shares of NYSE:BK opened at $117.67 on Friday. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $128.76. The company’s 50 day moving average is $119.16 and its two-hundred day moving average is $111.04. The company has a market cap of $82.05 billion, a PE ratio of 15.88, a P/E/G ratio of 1.10 and a beta of 1.10. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The firm had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. Equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is 28.61%.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.